"There is still time till Monday", party spokesman Anand Sharma told reporters, apparently indicating that efforts are on to placate the senior leader who was once the chief minister.

Earlier, Rane had caused a flutter in political circles in the state by announcing that he has decided to quit the cabinet. He had said that he will hand over the resignation letter to Prithviraj Chavan on Monday.

"Though I am resigning from the government, I will not quit Congress", Rane had said.

Rane's decision to quit the cabinet is being viewed as a major political setback for the crisis-ridden Congress-NCP alliance, particularly in view of coming Assembly polls.

It is believed that Rane decided to quit protesting against the failure of the Congress high command to remove Prithviraj Chavan in the wake of the humiliating defeat of Congress in the Lok Sabha polls. In the recent past, Rane's son also suffered defeat in Lok Sabha polls by Shiv Sena nominee Vinayak Raut.